Observed Signal · Dec 2, 2022 · Regulation · Source: Trending Topics · Impact: 2/5 · Sentiment: Negative
EU Agrees Consumer Credit Rules Covering Online Loans and BNPL
Negotiators from the European Parliament and EU member states reached a provisional agreement on the revised Consumer Credit Directive. The new rules aim to protect consumers taking out online loans and making credit-based purchases from over-indebtedness. They will apply to ordinary credit agreements up to €100,000, to crowdlending, and to buy now pay later services such as Klarna. Credit advertisements must include clear warnings that borrowing costs money and must not suggest loans improve a consumer's financial situation. Lenders will be required to assess consumers' creditworthiness more thoroughly. Other provisions include mandatory forbearance measures, a 14-day right of withdrawal, and a right to early repayment. Non-bank lenders and credit intermediaries will be subject to authorization and supervision. The agreement still requires formal approval by Parliament and member states, which is considered a formality.
EU-wide consumer credit regulation will change how credit and BNPL providers advertise in Europe, but the impact is limited to financial services marketing rather than core AdTech infrastructure.
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Key Takeaways & Evidence Grounding
- EU negotiators agreed on the revised Consumer Credit Directive on December 2, 2022.
- The rules apply to online credit, loans up to €100,000, crowdlending, and buy now pay later offers like Klarna.
- Credit advertising must include clear warnings that borrowing costs money.
- Lenders must thoroughly verify consumer creditworthiness before concluding credit contracts.
- Consumers will have a 14-day right of withdrawal and a right to early repayment.
Connected Companies & Entities
1 Entity mapped“Betroffen sind neben gewöhnlichen Krediten auch „Buy now pay later“-Angebote wie das von Klarna....”
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